Banks take stabs at speeding up account-opening in branches
FNB Corp. and Bank of America are experimenting with ways to meld the benefits of account-opening in a branch with the efficiency of online.
East West sees higher expenses, loan-loss provisions in second half
The Pasadena, California, bank expects to spend more on hiring this year, including the addition of some former Silicon Valley bankers. Anticipated loan growth and an uncertain economic horizon prompted the bank to increase reserves for bad loans.
Truist plans balance-sheet remix to focus on core businesses, clients
Executives of the regional bank say they are zeroing in on its most profitable business lines and moving away from one-off customer relationships that don’t generate as much revenue.
Fifth Third is the latest bank to curtail indirect auto lending
The Cincinnati bank said that it plans to reduce originations in the segment by 15%. It is leaning into businesses that provide an opportunity to build deeper customer relationships.
KeyCorp working to shrink balance sheet, refocus on core customers
Chairman and CEO Chris Gorman said Key’s reduction efforts were prompted by an expectation big banks will be expected to operate with significantly lower loan-to-deposit ratios going forward.
NCUA finalizes rule on member expulsion
The National Credit Union Administration voted unanimously to make it easier for boards of directors to ban problematic members.
Synovus to sell medical office loans, use proceeds to reduce borrowings
The Columbus, Georgia, bank is selling a $1.3 billion portfolio as part of a plan to pay off higher-cost funding. Though there are rising concerns about the office sector, Synovus said the loans it’s offloading have pristine credit quality.
Discover admits it overcharged merchants for 16 years
Discover Financial Services’ stock tumbled after revealing a new FDIC consent order regarding consumer compliance. Separately, the financial institution also copped to misclassifying certain credit-card accounts into its highest merchant-pricing tier beginning in 2007.
Bipartisan Senate bill would apply bank-style AML rules to crypto
The Crypto-Asset National Security Enhancement and Enforcement Act would increase regulatory oversight of cryptocurrencies traded on public blockchains and guard against money laundering and sanctions evasion, particularly by holding the largest crypto investors accountable for compliance.
Momentum on deposit insurance dissipates on Senate banking panel
Both Senate Banking Committee Chairman Sherrod Brown, D-Ohio, and ranking member Tim Scott, R-S.C., said they would consider what reforms “if any” are necessary post Silicon Valley Bank failure.